Petty Cash Loan Review: Interest Rate, Requirement, App, how to apply
Are you a salary earner in search of an online loan that can give you the quickest and stress-free loan? Then Petty Cash loan is the right place to go.
A petty cash loan is an online platform that lends people single payment loans, installment loans, and payroll loans. The money is deducted from your account when it’s time for repayment.
Petty Cash loan operates a flexible schedule, their minimum loan amount is #10,000 while the maximum for a starter is #100,000 without collateral or guarantor.
They also have considerable interest rates as this depends on your repayment history and lending cost. The loan only 20% of your salary for your further convenience.
Table of Contents
How Petty Cash loan works.
Petty Cash loan operates on different dimensions of different audiences. So they have various loan products they offer. Here are the lists:
- Federal Staff Loan
- Emergency Loan
- Payday Loan
- NSCDC Loan
- Business Loan
- Personal Loan
- NYSC Loan
- Market Women Loan.
1. Federal Loan:
This is specifically created for the people who work with the federal government. Loan amounts range from #5000 to #50,000 minimum and maximum respectively.
2. Emergency Loan:
This is also called petty cash. It is designed for salary earners. The maximum loan amount is #10,000.
3. Payday Loan:
This is more popular than other loan products. It’s an instant loan of #10,000 up to #50,000 maximum and it’s also for salary earners.
4. NSCDC Loan:
This loan operates for those in the Nigerian Security Civil Defense Corps hence the name “NSCDC loan” It is loaned to their officers. Loan amount ranges from #50,000 to #500,000 minimum and maximum respectively.
5. Business Loan:
This is mainly for business moguls be it small scale or bigger businesses. A business loan requires collateral, a car specifically due to the huge amount it involved. It ranges from #500,000 to #5,000,000 minimum and maximum respectively.
6. Personal Loan:
This also involves collateral and it’s up to #500,000. The good thing is the fact that you still get to drive your car while it’s on collateral.
7. NYSC Loan:
This is a loan that’s mainly designed to ease corp members who are still on service in Nigeria. The loan amount ranges from #1,000 to #5,000.
8. Market Women Loan:
This is a loan that’s granted to traders in some selected markets in Nigeria.
However, the interest rate on each loan depends on your repayment schedule. If you have the chance to repay the loan on time, you are likely to get a reduced rate but if you stretch the payment, then the interest rate becomes bigger. Other loans also follow this trait.
Petty Cash loan eligibility criteria
- • Salary earners must earn #30,000 and above
- • You must have an official email address
- • You must be a staff of a private organization
- • You must tender a consecutive three months bank statement
- • You can only get a 20% loan of your monthly salary.
Petty Cash Loan Interest Rate
Like I explained earlier, Petty Cash loan interest rate varies depending on your repayment schedule, however, here is the breakdown:
Loan amount Days. Repayment
Rate
• #5000 15 # 5,625
• #5000 30 #6,250
• #10,000 15 #11,250
• #10,000 30 #12,500
• #15,000. 15. #16,875
•#15,000. 30. #18,750
• #20,000. 15. #22,500
• #20,000. 30. #25,000
• #25,000. 15. #28,125
• #25,000. 30. #31,250
• #30,000. 15. #33,750
• #30,000. 30. #37,500
• #35,000. 15. #39,375
• #35,000 30. #43,750
• #40,000. 15. #45,000
• #40,000. 30. #50,000
• #50,000 15. #56,250
• #50,000. 30. #62,500
How to repay Petty Cash loan.
Petty Cash loan repayment has been made flexible and stress-free for you. You do not need to visit any bank for repayment because the information you provided during the loan application will serve the purpose.
Your loan will be automatically deducted from your bank account when the time is due (salary date).
Frequently Asked Questions
• How much can I borrow from a Petty Cash loan?
You have access to borrowing up to #50,000 from Petty Cash. The amount however depends on your credit score hence the usual advice to pay up before or on the agreed date to avoid issues like reporting you to the credit bureau which may, in turn, cost you your employment.
• Can I apply anytime?
Of course yes, you can apply for a Petty Cash loan anytime, anywhere. They operate 24 hours so you have no fear of passing time.
• Why are my bank details required?
Your bank details are requested because, that’s where the money you requested will be disbursed so, without a bank account, you can’t get a loan.
Also, the bank account you provided must bear your full and correct name.
• How can I track Petty Cash transactions?
You may think it’s not necessary to keep records of small amounts but this little money adds up to something at the end so, there is a need to document your transaction records.
To keep your petty cash transaction records, ensure you keep the receipts of all petty cash purchases. A petty cash logbook will be created to record all your transactions with them.
Petty Cash loan app
Petty Cash loan app will soon be on Google and the play store but is currently unavailable.
Petty Cash loan address
A petty Cash loan is at NO3, Opebi road, Ikeja Lagos, Nigeria.
You can contact them on:
+234 803 843 5443.
Their website address is http://pettycash.com.ng/
Conclusion
Petty Cash loan with their flexible mode of operation is what you need for your quick financial breakthrough.
